Singapore REITs 2024 Outlook - Maybank Research 2024-01-05: Higher Peaks, Deeper Valleys

Singapore REITs 2024 Outlook - Higher Peaks, Deeper Valleys

Singapore REITs - Maybank Research  | SGinvestors.ioCapitaLand Integrated Commercial Trust (SGX:C38U) CAPITALAND ASCENDAS REIT (SGX:A17U) LENDLEASE GLOBAL COMMERCIAL REIT (SGX:JYEU)
  • Expectation of continued fall in cost of capital, manufacturing green shoots and cash on the sidelines offers promise. However, with S-REITs' asset values facing downside risk and continued DPU downside as debt reprices and operating costs inch up, bottom-up view is more circumspect.
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Macro outlook – slowing growth, sticky inflation

  • We forecast global growth to drift lower to +2.8% in 2024 from +3.3% in 2023. We hold the view that inflation rates have peaked and are moderating. That said, indicators on inflation expectations remain “sticky”. Consequently, we are more “guarded” on the timing and quantum of interest rate cuts globally.
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  • In Singapore, GDP growth will be stronger and more balanced at +2.2% from +1.2% in 2023. Core inflation will remain sticky and above historical norms. MAS will ease only in late 2024 with 3-month SORA falling to 3.25% from 3.7%.

Sub-sector views – seeking rental growth

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Krishna Guha Maybank Research | 2024-01-05

Read More Analysis On Singapore REITs (S-REITs):
Analyst Reports on Singapore REIT Sector

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S-REIT Share Price Performance
S-REIT Target Prices & Ratings


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